New York, NY -- (SBWIRE) -- 12/19/2018 -- In a new report titled "Plastic Films Market: Global Industry Analysis and Forecast, 2016 – 2024", Persistence Market Research analyzes the performance of the global plastic films market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global plastic films market is estimated to represent absolute $ opportunity of US$ 3,150.3 Mn in 2016 over 2015 and is projected to register a healthy CAGR of 6.1% in terms of value during the forecast period.

Market dynamics

Increasing demand for plastic films as substitutes for glass and metal is expected to be a key factor driving the growth of the global plastic films market. Moreover, plastic films are cheaper in terms of packaging, decoration, and industrial applications as compared to glass and metal packaging options. These factors are expected to fuel revenue growth of the global plastic films market over the forecast period. Growth of the global plastic films market is expected to increase significantly due to a high demand for hygienic and flexible food packaging materials. Increasing environmental concerns among consumers and shifting preference towards more eco-friendly products are other factors expected to boost the growth of the global plastic films market during the forecast period.

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Market forecast

The global plastic films market is segmented on the basis of Product Type (PET, PVC, PP, PE, and Others (PS, PA, EVA, etc.)); Application (Packaging (Food Container, Blister Packs, Electric & Electronic purposes, Others), Decoration (Solid colors, Others), Industrial (Construction materials, Safety materials, Advertisement lighting)); and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

The PET product type segment is estimated to account for the highest value share of 29.6% by the end of 2016 and is expected to gain significant market share by the end of 2026. The PET segment is estimated to be valued at US$ 20,393.5 Mn by the end of 2016 and is anticipated to register the highest CAGR during the forecast period. Recyclable and sustainable properties of PET are factors expected to drive global demand for PET plastic films over the forecast period. In terms of volume consumption, the PP segment is expected to contribute a comparatively higher share to the overall global plastic films market.

The Packaging application segment is estimated to account for the highest value share of 48.0% by the end of 2016 and is expected to gain significant market share by the end of 2026. In terms of volume consumption, the Packaging segment is expected to contribute the highest share to the overall global plastic films market during the forecast period The Decoration application segment is estimated to be valued at US$ 12,023.1 Mn by the end of 2016. The Decoration segment is expected to register a comparatively higher CAGR during the forecast period. In terms of value and volume, the Others (wood grain patterns) segment is expected to dominate the global plastic films market over the forecast period.

Among regions, Europe is anticipated to register a CAGR of 6.7% in terms of value over the forecast period and is estimated to account for 29.2% volume share by 2016 end. The APAC market is estimated to represent incremental opportunity of US$ 10.17 Bn between 2016 and 2024.

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Competitive landscape

The global plastic films market report profiles some of the leading companies operating in the global plastic films market and gives information on their long-term and short-term strategies as well as market performance. Companies featured in the report are The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), and Honeywell International Inc.